Nillion is a decentralized network enabling secure computation on private data without decryption through an approach called “blind computation,” which ensures greater privacy and security. Learn more about Nillion from our overview.
This guide will walk you through the entire process of staking Nillion’s native token, NIL, via Mintscan, a blockchain explorer that supports Cosmostation, Keplr, Leap Wallet, and highly secure cold wallets, Ledger, and KeyStone.
Why Stake NIL?
There are four crucial reasons for staking NIL.
- Staking helps the network work properly and supports all relevant applications.
- Stakers receive about 20% of the annual rewards for staking.
- Being a newly minted token backed by top-notch tech, NIL has great potential for future progress.
- Having your NIL staked makes you eligible for potential airdrops in the Nillion ecosystem.
How to Stake NIL via Mintscan?
Mintscan has an intuitive interface, so staking is quite simple, even for beginners, and usually takes only a few minutes.
- Go to the Nillion dashboard on Mintscan to learn about the current staking metrics, such as APR, block time, and the number of transactions per block.
Ensure you have the required NIL token amount in the wallet before proceeding. If you need to top it up, you can use CoinGecko to see the list of available exchanges.
- Hit Connect Wallet in the upper right corner to connect your wallet.
A pop-up window will prompt you to select one of the supported wallets.
You must approve access in your wallet, as shown in the image below.
- Hit Stake on the left menu, then select Everstake when available validators are offered. Once done, specify how much you want to stake and hit Stake.
If everything went smoothly, a pop-up notification will appear to confirm the successful transaction.
That’s it!
How to Track Your Stake and Claim Rewards
With the stake active, you can track it in the Stake tab on the right-hand side of the menu. You will be taken to this window automatically upon logging in if you select NIL from the list of tokens. To claim your rewards, hit Claim NILLION.
The menu offers a choice between withdrawing the rewards and compounding them. The latter means that the rewards are added to the original stake, thus increasing it. In that case, further rewards will be calculated on the new stake amount. This will lock the claimed rewards.
If you choose to withdraw the tokens, your overall balance will increase. The received tokens can be used at your discretion as soon as they become available.
Alternatively, you can track your NIL balance from the Portfolio tab, which sums up all the information about your available assets in the connected wallet, such as its price, amount, and balance. NIL will be displayed in the Staking column, to the left of the available rewards.
How to Unstake NIL
To withdraw all staked funds, hit Unstake in the Stake tab and specify the amount you wish to withdraw. Click the Unstake button to initiate the process.
It’s important to note that your funds won’t become available immediately, as there is an unbonding period in Cosmos. On average, it will take around 14 days.
How to Send NIL from Mintscan
Go to the Send tab on the left if you want to send your tokens elsewhere.
There are two options for sending your tokens:
- Send: simply move the tokens to a different NIL address
- Multi-Send: move your tokens to several different addresses
How to Participate in Governance
By staking NIL, you become a security provider for the Nillion Network and, as such, are entitled to vote in the governance process. Your voting power is proportional to your stake.
- You can track live proposals in the Vote tab on the left-hand side of the screen. You can vote Yes, No, or Abstain depending on your personal views on any of the active proposals. To do that, flag the proposal you want to vote for and click Vote on the upper-right side of the menu. You will be presented with the choices listed above. Use your power wisely, as your vote may become decisive for the future development of the Nillion Network.
- If you believe your idea can advance the network, you can submit a proposal by hitting Create Proposal (note that in this case, you have to use the Cosmostation wallet).
Why Stake with Everstake
Everstake is one of the most prolific crypto-staking providers today, trusted by over 735,000 users across 85+ blockchains. With a long track record of nearly perfect uptime and high proficiency, Everstake is one of the most reliable and responsible validators.
By staking with Everstake, you can benefit from our expertise and ensure your NIL works for the network’s benefit.
If you have any questions, don’t hesitate to contact our Nillion Network Manager on X or check out the articles on NIL staking on our blog.
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Everstake is a software platform that provides infrastructure tools and resources for users but does not offer investment advice or investment opportunities, manage funds, facilitate collective investment schemes, provide financial services, or take custody of, or otherwise hold or manage, customer assets. Everstake does not conduct any independent diligence on or substantive review of any blockchain asset, digital currency, cryptocurrency, or associated funds. Everstake’s provision of technology services allowing a user to stake digital assets is not an endorsement or a recommendation of any digital assets by it. Users are fully and solely responsible for evaluating whether to stake digital assets.
